85% of parents worry they will give their children bad financial advice

A poll by Skipton Building Society has found that 85 per cent worry they will give their children bad financial advice.

The data also found that many aren’t confident to give advice when it comes to investing (29 per cent) budgeting (25 per cent) and credit scores (23 per cent).

While 21 per cent have struggled to discuss saving for university with their kids.  Although 51 per cent want to give their kids the best footing in life financially but feel like they aren’t qualified to give them what they need.

The research also showed that 51 per cent of parents are concerned they could cause financial anxiety by discussing these money matters with their children. While 41 per cent are avoiding opening up about mistakes they’ve made about their finances in the past.

76 per cent wish they had received more financial education as a child.  But on average, at the age of nine, parents believe financial matters should start to be broached with them. Although 66 per cent went on to agree that financial literacy should be taught in schools rather than at home.

Two-thirds believe budgeting is the most important financial topic children should understand, followed by being able to spot financial scam (49 per cent) and investing (45 per cent). The research, which was conducted via OnePoll.com, went on to find a third (31 per cent) of parents rarely or never seek professional advice about their own finances.  But 59 per cent are trying to involve their children in more family finance discussions.

Helen McGinty, Head of Financial Advice Distribution at  Skipton Building Society said:“The economic landscape is always evolving, which is why it’s crucial for both parents and children to embrace continuous learning about finances.

“By seeking professional financial advice, parents can make informed decisions and pass down valuable knowledge to their children. This not only helps families navigate challenges together but also empowers the next generation to build a stronger, more secure financial future.”